Bitcoin mining firm Bitdeer Technologies (BTDR) jumped as much as 30% on Wednesday after announcing new steps to fast-track its expansion into high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
The Singapore-based company said it will directly manage development of its own AI data centers rather than rely on outside partners, starting with its facility in Clarington, Ohio. Bitdeer said the local utility confirmed that all 570 megawatts (MW) of electrical capacity will be available by the end of the third quarter of 2026, nearly a year ahead of schedule.
Two other sites — Tydal in Norway and Wenatchee, Washington in the U.S. — will also be converted, with Tydal expected to support 164 MW of AI computing by late next year, the firm said.
The company said it sees a “sustained imbalance” between demand and supply of AI computing power. The firm expects to deploy over 200 MW for AI computing by the end of next year. In an optimistic scenario, Bitdeer said its AI operations could generate more than $2 billion in annualized revenue.
“This push is driven by a marked increase in inbound interest in our power assets, which has become a strong catalyst for expanding our efforts,” Matt Kong, chief business officer at Bitdeer, said in a statement.
The company’s shares rose as much as 30% in the early minutes in the Wednesday session, trading above $26 for the first time since early January. They were 26% higher at press time.
Bitdeer’s development fits into a broader trend of crypto mining firms pivoting to repurpose their computing power for the fast-growing AI demand. Miners such as Bitfarms, IREN, TeraWulf have been investor favorites as proxy bets on AI infrastructure and optimism that they would strike lucrative data center hosting deals.
Read more: Bitcoin Miner Stocks Continue Surge, With BlackRock, Nvidia, Microsoft Joining in $40B AI Data Center Bet
